Sensex falls ONGC hit by broker downgrade

SENSEX-FALLS-ONGC-HIT:Sensex falls ONGC hit by broker downgrade

 

Reuters Market Eye - The Sensex falls 0.2 percent, while the Nifty declines 0.25 percent. ONGC falls 1.6 percent after Morgan Stanley downgraded the state-run firm to "equalweight" citing potential downward revisions to domestic crude oil volumes for fiscal 2014 and uncertainty on international production.

Jaiprakash Associates Ltd falls 8.1 percent, with traders citing rising concerns about net debt levels, a day after the cement maker raised $150 million in foreign currency convertible bonds (FCCB).

Software services exporters fall; Infosys down 1.3 percent.

Traders are also cautious ahead of the expiry of August derivative contracts on Thursday.